Solvents are those liquids that have the ability to dissolve other materials without bringing about any chemical change in the material or the solvent. While petroleum-based solvents are environmentally unsafe, green and bio-based solvents are those solvents that are characterized by safety, non-toxicity, less odor, easy recycling, lower miscibility, and higher boiling point. Thus, green and bio-based solvents are eco-friendly and beneficial for various applications such as paints and coatings, commercial and domestic cleaning, printing inks, adhesives and sealants, pharmaceuticals, and also for cosmetics.

According to a report published by Transparency Market Research, the global green and bio-based solvents market is expected to expand at 7.2% CAGR, rising from US$4.32 bn in 2014 to US$8.05 bn by 2023.

Methyl Soyate to be the Fastest Growing Segments in Future

On the basis of product, the global green and bio-based solvents market is segmented into bio-based methanol, bio-based propanol, bio-based ethanol, bio-based butanol, ethyl lactate, D-limonene, bio-based propylene glycol, methyl soyate, and others. Out of these, bio-based ethanol dominated in 2014, accounting for over 45% share. The growth of the segment was due to wide application and the commercialization of bio-based ethanol. However, methyl soyate is expected to be the fastest growing segment in the coming years.

North America to be the Largest Market for Green and Bio-based Solvents

The developed nations are expected to dominate the market for green and bio-based solvents in the coming years due to the manufacturing expertise and easy availability of raw materials in the nations. North America is expected to lead the market, followed by Europe in the upcoming years. The green and bio-based solvents in the Asia Pacific is expected to witness a high growth owing to high demand from various industries and growing awareness about the benefits of green and bio-based solvents.